iM3NY Plant update May 2022
Sydney, June 22, 2022 AEST (ABN Newswire) - Magnis Energy Technologies Limited (ASX:MNS) (U1P:FRA) (MNSEF:OTCMKTS) is very pleased to provide an update on activities from Imperium3 New York ("iM3NY") which operates a Gigawatt scale Lithium-ion battery manufacturing plant in Endicott, New York. Magnis along with its joint venture and technology partner Charge CCCV LLC ("C4V") are the major shareholders in iM3NY.
- New York battery plant status at the end of May - 78% complete
- Fully Automated Production expected to commence within the next 5 weeks
- Electrolyte filling machine has been commissioned
- Safety - Zero incidents in May
Overall project completion rate is at 78% at the end of May and fully automated production expected to commence within the next 5 weeks from today and begin ramping up over the balance of the year.
Some delays were experienced during May due to global supply chain issues with the delivery of machinery from overseas suppliers. As of this week, all major equipment is now on-site and being installed with in excess of 30 engineers (provided by the equipment manufacturers) and contractors expediting the process.
iM3NY CEO Chaitanya Sharma commented: "After years of planning we are entering into an exciting phase with fully automated production expected in the near future. Whilst experiencing recent supply chain issues and delays in the shipping of equipment, we are so close to our target set over 12 months ago which is a huge achievement by the team in the climate that has existed."
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About Magnis Energy Technologies Limited
Magnis Energy Technologies Limited (ASX:MNS) (OTCMKTS:MNSEF) (FRA:U1P) is involved in and has strategic investments in several aspects of the electrification supply chain including manufacturing of green credentialed lithium-ion battery cells, leading edge battery technology and high quality, high performance anode materials. The company's vision is to enable, support and accelerate the green energy transition critical for the adoption of Electric Mobility and Renewable Energy Storage.
Magnis Energy Technologies Limited